Home Buying in Minneapolis>Question Details

Grainbelt04, Home Buyer in Minneapolis, MN

looking for a hard money lender: 36 month term, residential owner occupied. Any recommendations would be helpful.?

Asked by Grainbelt04, Minneapolis, MN Sat Mar 2, 2013

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Government regulations have made owner-occupied hard money loans (and conventional loans) so much more costly and time consuming to complete. Often times the hard money lenders have to pass the "savings" along to the borrower.

Many hard money lenders now won't even consider doing owner-occupied loans due to the increased regulations.
0 votes Thank Flag Link Tue Feb 24, 2015
Hard Money LLC is based in Minnesota. I *think they require less points then pine
0 votes Thank Flag Link Tue Mar 4, 2014
Does anyone know of a hard money lender for a massachusetts owner occupied property asap
0 votes Thank Flag Link Mon Jul 29, 2013
Ditto, Pine Financial is the hard money lender I am familiar with in the area!
0 votes Thank Flag Link Wed Mar 20, 2013
My recommendation is: the deal isn't that good, get your credit and downpayment in order, and buy then. There are always deals, always.
0 votes Thank Flag Link Sat Mar 2, 2013
I also use Pine Financial with my investor clients. They have lots of options available and I highly recommend calling them. If you need anything feel free to call.

0 votes Thank Flag Link Sat Mar 2, 2013
I have worked with Pine Financial and don't think they do 3-year terms for Hard Money. This loan is typically used for rehab projects by flippers and is short-term 6 months.

Please understand that Hard Money lenders like Pine usually will charge points (4 I believe for Pine), interest rates of 16-17%, and want you to be 70% LTV. They also will only lend to businesses, and it typically is not going to be owner-occupied. The reason why these lenders are fine to use for investors is because they still make good money even with the expensive financing, and if the deal is good enough there is little out-of-pocket cash invested into the project.

With the little information I have on this I am thinking a contract for deed will ultimately be your best financing option, because I assume you cannot get traditional financing. It will come down to down payment, because there is also rent-to-own you could explore.

I do have my own CD program where if you have 10% down we can go out and purchase any property on the MLS. That is because I use a business partner to pay cash for the property and sell it back to you on a CD. This has become a very successful business model around the twin cities and exponentially opens up the inventory available to you.

I guess you could say I am starting to become an expert on creative financing since I have used these options on so many deals. If you are looking for some advice hit me up on Trulia and I would be more than happy to point you in the right direction.

0 votes Thank Flag Link Sat Mar 2, 2013
Pine financial group is a hard money lender around here.
0 votes Thank Flag Link Sat Mar 2, 2013
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